Christian No Fee Personal Loan
The main attraction of the Christian no fee personal loan is the elimination of costly fees and frivolous charges that are all too often attached to loans of every type. Personal loans are often obtained on the basis of a borrower's good or excellent credit rating along with a regular income. There is no collateral involved in a personal loan. In the no fee personal loan, the borrower will usually pay a little bit extra in interest charges in order to escape the endless fees that can be associated with borrowing money. The lender in this case picks up all the fees, and may consider this set up well worth it, since higher interest rates can bring in more income for the lending institution for years to come. In most cases, sub prime lenders will not offer this option. Since the terms and interest rates for sub prime loans are already at quite high levels, there is very little room to raise interest rates higher or reduce fees.
The amount of extra interest that may be charged in a no fee personal loan can vary. Some lenders may charge an extra quarter point all the way up to an extra three quarters of a point or even more. During the full life of these loans, this extra cash can add up. But a small increase in interest rate will not elevate the monthly payment in a large way and, for good or bad, the amount of the monthly payment is often what a borrower will focus on. Some lending institutions will offer the no fee personal loan as a creative extra selling point when trying to get potential borrowers to sign on the bottom line. When borrowers are plentiful, lenders do not need to get creative to entice clients. But in tougher markets, any extra feature that can help close the deal is often seen as a good thing. Such is the case with the no fee personal loan. If a borrower can see in black and white the kind of immediate savings that this types of loans can offer, they are more likely to move forward.
When applying for a no fee personal loan, a potential borrower does not always need to divulge information on the reason for the loan. The maximum amount of money to be borrowed can vary depending on the borrower's income and credit rating. Individuals with little in the way of a credit history may need to get a co signer before financing can be approved. Many financial institutions offer potential borrowers the opportunity to apply for these loans online. Doing this may speed up the application process somewhat. If a borrower is filling out an application on line, that individual should make sure that all of the information given is accurate and the telephone number that is listed for contact is correct. Any mistakes in this area can slow the process down considerably. In addition to longer term loans, short term lending is often available for qualified applicants. If a borrower wishes to pay the debt off earlier than it is due, this is possible, and can be done without paying any kind of penalty if this is part of the terms of the original loan. If possible, paying a debt off ahead of schedule is always a wise course of action. The Bible talks about the great wisdom of God. "The Lord by wisdom hath founded the earth; by understanding hath he established the heavens." (Proverbs 3:19)
The demand for the no fee personal loan has increased in recent years. Many borrowers are leery of the easy credit payday loans or are interested in attaining larger unsecured loans than are generally offered by payday advance lenders. At the same time, borrowers have no desire to pay for extra fees and would prefer that the lender absorb these charges. These conditions have helped make personal loans attractive to many borrowers. Home or car repair needs, unexpected medical expenses, family vacations, or any numbers of motivations to borrow funds exist. While credit cards and home equity loans can also offer solutions to these kinds of dilemmas, the signature loan has its fans. This is largely because there is no property that is put at risk with this type of financing. If the risk and as well as the assorted fees can be absorbed by the lending institution that is handling the loan, this can be a powerful selling point for potential borrowers. However, many financial institutions tend to shy away from this type of financing since there can be a limited amount of profit involved for the lender.
Using a credit card or a pay day advance loan may not be the wisest course of action for the borrower who is in need of cash. While these courses of action are usually the fastest and easiest ways to attain funds, the high interest rates and the possibility of increasing the total amount of the debt can make these lending alternatives more risky for the borrower than they are worth. A consumer who shops around for a no fee personal loan is generally choosing the more cost effective financial solution. Many experts feel that credit unions are the best sources for these kinds of loans. Credit unions tend to handle smaller loans more frequently than traditional banks. Whatever solution a borrower might eventually choose, careful research and a thorough understanding of the total cost of the loan is always a good idea.
Christian Online Installment LoanAn online installment loan allows the borrower to pay for major purchases with monthly installments instead of paying one lump sum amount. An online application can make funding fast and easy. Funds are deposited straight into the borrower's checking account. An online installment loan usually has fixed monthly payments. The amount of interest and terms is dependent upon credit history and application information. An online application makes it easy for a borrower to apply for funding. Other qualifications for funding include proof of income, a valid email address and phone number, not being currently engaged in bankruptcy, and a checking account that is in good standing with no problems such as insufficient fund charges or negative account balances.
Steady income is an important measure of worthiness for being approved for an online installment loan. Employment has to be verified either through an employer and paycheck stubs or through viewing profit and loss statements or income tax records of the borrower who is self-employed. An independent contractor can show proof of income by providing the last two years 1099 tax forms. A payment schedule for paying back funding may be due on the dates that the borrower receives income or paychecks by direct deposit. Having an employment history that includes many years with one employer can be viewed as very favorable with a lender. "But thou shall open thine hand wide unto him, and shall surely lend him sufficient for his need, in that which he wanteth" (Deuteronomy 15:8).
Borrowers may have many reasons for wanting to acquire an online installment loan. Some of the reasons may include paying off debts, taking a vacation, paying college tuition, making a purchase for new appliances, among many other things. Another reason that a borrower may want to be approved for funding is because he or she wants to pay off debts that are behind and are showing up on financial history as being late. Being faithful to make payments on time on a new loan will raise credit scores. Some people that want to purchase a home in the near future may want to do everything possible to raise credit scores before applying for funding. Getting an installment loan to pay off past due debts will help to repair financial history and raise overall scores as long as the new funding is timely paid as well.
Lenders that offer funding online usually want the payments to be set up on automatic bank draft. This type of setup can benefit both the borrower and the lender. An online installment loan can be automatically deposited into one's checking account and the payments can be automatically paid through one's checking account. This assures the lender that the payments will be made on time every month and the borrower will not have to worry about mailing a check for the payments due but he or she will have to make sure that the funds are deposited to cover the automatic bank drafts.
Long-term and short-term funding is available through various lenders online. Working with a lender closely can provide some advantages in the financial contract for an online installment loan. Flexible terms acquired can allow the borrower to not have the first payment due for up to 45 days and some lenders allow the borrower to set their own due date for succeeding payments. The monthly payment amount can be lower if longer terms are chosen but longer terms will mean paying more interest. The borrower should make it a point to understand the terms of a contract before signing it. Don't sign a contract if the monthly payment amount to pay back the lender is not reasonable and affordable. Other things to be concerned with are the amount the lender charges for late fees and if the interest is fixed or if it can go up when making a late payment as is the case with most credit card account agreements.
When applying for funding through online lenders a borrower should make sure that the lender has a secured site and that they have a way for the borrower to check account balance and account history online. Lenders that offer these features with an online installment loan advertise that their site is secure with encryption software. They also provide the customer access to account information by allowing them to set up a user name and password. This gives the customer access to their account history including what is left to pay on the funding. Some lenders allow customers with excellent payment history to take out a new installment loan once the current one is paid off without having any hassles.
Every Christian lender has their own credit standards and terms when it comes to granting funding to online customers. A customer denied credit based upon financial history obtained from one of the three major credit bureaus has the right to a free copy of their report. If a customer is concerned about credit scores he or she should request a free annual copy of financial history from all three of the major credit bureaus. This will allow the borrower or customer to be informed about financial history before applying for an online installment loan. In addition, the customer may want to do some credit repair before trying to get funding. A higher credit score means paying lower interest with better options and flexible terms. More information on doing credit repair can be found on the Internet by doing a search.